Newmarket properties ideal for add value buyers
The property for sale at 9 & 11 Morgan St, Newmarket, features a wide street frontage.
Two freehold prime Newmarket commercial properties located 150 metres from the Auckland Domain are being offered for sale individually or together as one parcel and are likely to appeal to investors, owner occupiers and developers.
“A Mixed Use zoning, a broad street frontage and being in the Auckland Grammar Zone are features of the properties,” says Cam Paterson of Barfoot & Thompson Commercial who, with colleague David Palmer, is marketing the properties at 9 & 11 Morgan St for sale by tender closing at 4 pm on Thursday, March 25, unless they sell earlier by negotiation.
Paterson says 9 Morgan Street is a converted residential property on one title and divided into two tenancies which are fully leased and earning annual rent of $53,390. A total building area of 238 sq m occupies a 354 site.
The property at 11 Morgan Street is two-level commercial office building constructed in the 1960s and upgraded since. The lower level is let for $68,500 per annum while the upper level is leased for $28,370 annually on a casual basis. The 334 sq m building sits on 352 sq m of land.
“The property at 11 Morgan Street has significant rental upside or presents excellent add-value opportunities for an owner occupier,” Paterson says.
The sites combined total 706 sq m with a 24 metre westerly road frontage and have a current 15 metre height restriction. “However, they both have a proposed 24.5 metre height potential under the Proposed Auckland Unitary Plan,” he says.
Paterson says 9 Morgan St is a superbly located converted residential property currently divided in two tenancies with parking for four vehicles at the front of the property. A health and fitness studio has a lease with a final expiry of February 15, 2020 if all rights of renewal are exercised while a 70 sq m separate apartment above is sub-leased to a residential tenant.
“The apartment has excellent natural light and is largely open plan with a mezzanine bedroom and additional closed in conservatory accessed off the lounge which could double as a single bedroom or storage space for a commercial business. Both tenants have a shared internal door allowing the property to be let as one tenancy in the future.”
At 11 Morgan Street, the two level commercial building is set back from the road front allowing parking at the front.
Palmer says the ground floor office and warehouse space of 260 sq m is leased to West Agencies Ltd while the first floor of 80 sq m is leased to Thornton Earl Ltd for a combined rental of $96,870.
“Both tenants are on short term leases presenting potential development or refurbishment opportunities for an owner occupier,” Palmer says.
He says the site occupied by the two buildings slopes gently down from north to south following the contour of Morgan Street down to Carlton Gore Road.
“The properties are situated on the eastern side of Morgan Street facing west, in a very popular and tightly-held pocket of commercial properties bounded by George Street to the north, Carlton Gore Road to the south and Broadway shopping precinct to the east,” Palmer says. “The location is a short walk to Broadway shops, the Auckland Domain, two train stations, and the new University of Auckland campus.”
Palmer says neighbouring properties are commercial or retail in nature, with a large apartment block to the rear of the site and several other apartment developments nearby the top of Morgan Street on George Street overlooking the Auckland Domain.
“This location is zoned for both Auckland Boys Grammar School and Epsom Girls Grammar,” he says.